Wateridge Plaza Sale Leads Flurry of Office Trades; AleSmith Brewing Opts for Bigger Home

The local commercial real estate market once again proved its appeal as while a major, $72 million deal was being struck for the Wateridge Plaza in Sorrento Mesa, two smaller office assets also traded hands in the passing week. The two more low-key transactions were completed in the Carmel Mountain Ranch and Solana Beach submarkets.

In a busy week for local transactions, a joint venture of Parallel Capital Partners and Sam Zell’s Equity Group Investments paid $72.5 million for the Wateridge Plaza in Sorrento Mesa, The buyers acquired the three-building Class A office complex from Beacon Capital Partners and C-III Realty.

Also changing hands was the Carmel Mountain Ranch office building, a 59,062-square-foot asset located at 15175 Innovation Drive. Los Angeles-based Century Park Partners L.L.C. sold the property to T JT & TP Investment L.L.C. for about $7.8 million. According to the San Diego Business Journal, David Crabb of CBRE Group Inc. handled the transaction of behalf of the buyer, while JLL’s  Jay Alexander and Ryan Grove represented the seller. The building is located at the Carmel Mountain Corporate Center and is currently fully leased.

In Solana Beach, Fair Oaks Valley, L.L.C. acquired a 14,100-square-foot, two-story office building at 265 Santa Helena in a $4.3 million deal, according to rentv.com. Propco L.P. sold the 33-year-old property as part of a 1031 exchange. Ashcraft Investments represented the buyer while Propco was represented by a team from CBRE.

In other commercial real estate news, AleSmith Brewing Co., is planning to move from its current home on Cabot Drive in Miramar to a new, 105,600 square-foot facility at 9990 Empire St., the San Diego Business Journal reports. The company has signed a $9.7 million lease for the entire space with the building’s owner, Westcore Properties. AleSmith will nearly double its current workforce of 27 by adding 25 new jobs once its moves into its new home. The new facility will also enable the brewer to increase production from 15,000 barrels this year to 25,000 in 2015. Move-in is scheduled for January 2015,